OverviewIn this case study, you, the student will set up a new company file using the Express Start instead of the Detailed Start. You will use the Preferences Section to make Changes and will add the needed Accounts to the Chart of accounts. You will add Items, Customers and Vendors to the appropriate lists using Quick add.Accounting InformationPaula Pollack has been working as a photographer for a large firm. After several requests from friends and contacts to take pictures privately, she has decided to go into business on her own and has registered the name Paulas Portraits. March will be the first month of her fiscal year and January will be the first month of her Calendar$/$Tax year.Looking at her local market and her experience, Paula has identified Childrens and School photography as her areas to specialize in$.$ Paula will offer two packages to students: Basic Portrait Package $25\mathrm{.}00$ plus GST Supersaver Portrait Package $40\mathrm{.}00$ plus GSTThese packages are sold to families in advance. The schools distribute the portrait flyer and collect cash and cheques prior to Picture Day. This ensures that Paula receives her payment before the photo sitting sessions.She has rented a studio at $123$ Parsons Place, Port Peter, Ontario N$7$L $4$T$4$ and has taken $$30,000$ of her savings and deposited it in an account for the business at the venture Bank, Port Peter on March $1.($Use a Journal Entry to Debit $$30,000$ to Chequing, Venture Bank and Credit $$30,000$ to P Pollack, Capital.$)$ Paula registered for GST to be reported quarterly, and Tax rate is GST $5\%,$ and HST $13\%$Problem StatementYou have been hired to set up Paulas Portraits as a Quickbooks company file and process the businesss activity for March $1$ to March $12.$Required$1.$ Open a new company file. Use the Express Start option to begin entering the company information as provided above. $($Enter the Company Name as Paulas Portraits Your Name.$)2.$ Choose Art, writing or photography as the Industry$\mathrm{.}3.$ Enter Contact Information as provided above$\mathrm{.}4.$ Using the preferences section make the appropriate changes to the followingscreens:a$.$ GST$/$HST$-$ Remember, Paula is register for GST$/$HST$.$ She will generally payHST Taxes on purchases and will charge GST only on Services provided tocustomers.b$.$ Jobs and estimates Paula will not use Jobs or Estimates.c$.$ Sales and Customers Paula will not use Sales Orders.d$.$ Time Tracking Paula will not use Time Tracking.e$.$ Accounting Turn off the Warn if transactions are in the past as well asthe Warn if transactions are in the future$5.$ Add the following accounts to the chart of Accountsa. Chequing, Venture Bankb. P Pollack, Capitalc. P Pollack, Withdrawalsd. Photographic equipmente. Photographic Suppliesf. Vehicle Expenseg. Vehicle Insuranceh. Equipment InsuranceType$-$ BankType$-$ EquityType$-$EquityType Fixed AssetType$-$Expense$($Sub Account $-$ Office supplies$)$ Type$-$ExpenseType$-$Expense $($ Sub Account$-$ Insurance Expense$)$ Type$-$Expense $($Sub Account Insurance Expense$)6.$ Edit the following accounts:a$.$ Change Photo and Video services Income to Portrait Fee Income$7.$ Add the following service items to the Customers Items List:a$.$ Basic Portrait Package$-$ $$25\mathrm{.}00$ Plus GSTb$.$ Supersaver Portrait Package$-$ $$40\mathrm{.}00$ Plus GST$8.$ Process the transactions for the period of March $1$ to March $12$ as found on the following page. Note: Add customers and Vendors, as needed using Quick Add while completing transactions.Page$2$of$4$QuickBooks $2019-$ Assignment $19.$Day$23467812$The following transactions take place in March:DescriptionPurchased cameras and photographic equipment for cash from Kodak $$10,000($Plus HST$).$Create DepositBought photographic materials from photographic Suppliers $$2300($Plus HST$)$Paula took school photos at Port Peter Primary School; $75$ students purchase the Basic Portrait Package and $15$ purchased the Supersaver Portrait Package. Paula received payment in full.Paid for Gas $$70($Plus HST$)$ at the Esso stationPaid Registration and Insurance on Motor Vehicle to Vic Roads $$420($plus HST$)$Paula drew $$500$ cash for her own use Page$3$of$4$SourceChq $1345$QuickBooks $2019-$ Assignment $11$ Paula Pollacks initial investment $($found on page $1)3$ Primary School; $15$ purchased the Basic Portrait Package and Sales Receipt $110$ purchased the Supersaver Portrait Package. Paula receivedpayment in full.Paula took portraits of $25$ kindergarten children at Little Steps $4$ Paid rent on studio to Judy$-$Joe Real Estate for one month Chq $1346$ $$1250($plus GST$)$Chq$1347$Sales receipt $2$Chq $1349$Chq $1350$Chq $13525$ Paid Kwik Print for Advertising Brochures to be printed $$4,200$ Chq$1348($Plus HST$)7$ Make deposit $7$ Bought photographic equipment on credit from Eastman Ltd Inv E $444$ $$5,000($Plus HST$)$ Terms Net $30$ Paid for six months insurance on equipment $$300$ to Norfolk$11$ Union Insurance. Expense one months insurance and set up Chq $1351$other five months in Prepaid Insurance. $10.$ Print the following statements as of March $12$:a$.$ Profit and Loss Standardb. Balance sheet Standardc. All Journal entries$11.$ Check Figures:a$.$ Checking Account Balance: $$12,101\mathrm{.}30$b$.$ Net Loss: $$5,040\mathrm{.}00$c$.$ Balance Sheet Balance: $ $27,351\mathrm{.}30$